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BoM's public offer oversubscribed

March 11, 2004 17:57 IST

Bank of Maharashtra's public issue of 10 crore (100 million) shares at Rs 23 per share has been oversubscribed by over 10 times.

The bank has received a record number of over 10 lakh (1 million) applications worth over Rs 2,300 crore (Rs 23 billion) as against the issue size of Rs 230 crore (Rs 2.3 billion), the Pune-based bank said in a statement in Mumbai on Thursday.

The face value of the share is Rs 10 with a premium of Rs 13.

According to the bank sources, the scrip would be listed on Bombay Stock Exchange and National Stock Exchange by the end of March.

The issue had opened on February 25 and closed on March 4.

BoM was tapping the market to augment its capital base and raise long-term resources for business growth.

The initial public offering was lead managed by SBI Capital Markets, Kotak Investment Banking, Enam Financial Consultants, A K Capital Services and Allianz Securities.

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